In a classic understatement, Tim Horton’s owner, RBI held its first ever analyst day this week. In his presentation, Tim’s President Alex Macedo admitted “as we expanded Tim’s south into the US, we did not get the sales levels we expected”. Tim’s currently has about 700 stores in the US, with half of those in Buffalo and Detroit combined. Since RBI purchased the Canadian firm, US store sales have declined over 17% and over 5% just last year alone.